Bitfarms, an international Bitcoin mining firm, is now operating in Argentina’s mining megafarm. On September 16th, the farm began operations and is now producing 10 megawatts of mining power (MW). Next year, it will be fully operational. Bitfarms estimates it will contribute 50 MW to fulfill the company’s mining goals in 2023.
Bitfarms Launches Mining Operations on the Argentine Megafarm
Bitfarms, a Nasdaq-listed bitcoin mining company, has begun mining operations at it’s megafarm located in Argentina. This milestone has allowed the construction of the megafarm, which began on October 20,21, to begin, contributing hashrates to the Bitcoin network.
This first phase of the facility produces 10 MW energy that can be used to heat mining equipment. This company anticipates that these facilities will host many miners over the next five years, increasing its available power fivefold. The future 50 MW will add 2.5 EH/s to current company mining power. The farm’s construction was estimated to be completed by last September, but due to several delays, it is now expected to be fully operational by mid-2023.
However, according to the company, this will be its most modern and it’s largest mining operation when completed. Bitfarms previously stated that the facility will house Antminer Pro Hydro miner units, which are water-cooled for greater efficiency.
The Background Story and the Project Story
This marks the official start to this project’s completion, which was criticised at one point because of Argentina’s last-year energy crisis. Argentine authorities were worried about this megafarm being built. They began to inquire about its nature and how it would generate the required energy.
Bitfarms has reached an agreement private with a provider to deliver $0.02.2 per kilowatthour (kWh) a very affordable fee. Bitfarms is concerned about sudden drops in bitcoin prices on international markets, despite the advantage. In June, Damian Polla, Bitfarm’s Latam General Manager stated this factor was the biggest challenge that the mining industry was facing in the short term.
The company still plans to make investments in modernizing and expanding its existing mining infrastructure. In July, the company announced the completion of the second phase of the expansion in “The Bunker,” another mining facility the company operates, adding 18 MW to the power of the operation and to increase the firm’s hashrate by 200 petahash per second (PH/s).
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